Nearly all professional firms, whether it be a solicitors practice or a firm of architects, record what is known as chargeable time. This is time spend on a task at hand on behalf of a client. Using that fee earner’s hourly charging rate, which is normally dependent on the grade and experience of the professional, we arrive at a perceived value for the work undertaken. The key then is to ensure that the right person does the right work.
Some within the sector charge time in fine detail, with each 6-minute interval being common practice, others in hourly or even daily rates. There is now a new movement within the professional practices sector away from this minute by minute time recording and on to a fixed fee basis agreed to meet client demands.